Brokers Hargreave Hale gave the following Valuation for HMY

VALUATION
The nearest comparisons to this Group are Sondex, trading on a current year multiple of 14 and Weir Group which typically trades on multiples of 12 plus. We would argue that Hamworthys prospects are brighter than both these companies in view of the strong order book and the global positioning. Fully taxed earnings of 13p this year and 16.5 p for the 2005/6 end March, suggests a current year PE of 9.9x and a prospective PE of 7.8x. There is a prospective yield in excess of 4%. If trading on a similar PER to Sondex the shares would be valued at in excess of 180p. We would argue that a premium to Sondex is justifiable, in particular because of the potential ramp up to sales as a result of the new product pipeline now gaining client acceptance in what is in any event one of the fastest growing markets in the world.

"Shares" Article relating to Hamworthy (HMY) posted below for info.

With a following wind these shares should double over the next year or so.

Some catty folk in the City say the flotation last month by Collins Stewart
could have been handled better, i.e. at a higher price. It was certainly over
subscribed but the rating is half that of similar oil sector service companies
including Sondex.

Reason for me indicating that the results were on the 31st was the information on the Hamworthy web site:

http://www.hamworthy.com/investor/financials.asp

Previous 2 years, year-end financials are shown in the simple table with the date showing March 31st.

I'm concerned that no matter what the results are or whatever news is released this week is going to be swallowed up in the current market negativity :(

Agree with your post on the MMG board - ban bank holidays!

Cheers,
Stuart

Stuart I think you're right. Good news could well be swollowed up. Still, a cracking long term one though. Think of all those shipping orders in the pipe line...lovely.

LOL

MS

I have found a good timeguide for the various Qatari tenders for LNG ships, from last weeks tradewinds.

"Qatar's requirement for LNG- carrier newbuildings has been extended to close to 70 ships with the addition of shell to its production partners. Qatar aims to boost its LNG exports from the exisiting 20 million tonnes per annum to 77 by 2012.

Qatar LNG shipping requirements timetable

RasGas II train 5 Start up by early 2007 for 8 conventional ships: already awarded
Qatargas II train 4 start up by 2008 for 8 q-flex ships: already awarded
RasGas III train 6 start up by may 2008 for up to 12 large ships: tender in progress
Qatargas II train 5 start up by end 2008 for up to 12 large ships: tender fall 2005
Qatargas III (conoco) start up by may 2009 for 10-12 large ships: tender early 2006
RasGas III train 7 start up by mid 2009 for 10-12 large ships: tender late 2006
Qatargas IV (Shell) start up by 2010 for up to 10 ships: tender by 2007

Nice one paul, well done.

MS

National Grid (NGT) have announced that they are spending over 300 Million to triple the size of their Isle of Grain import facility for LNG. When complete in 2008 it will bring in about 12% of the UK's needs. Can only mean more potential business for HMY.

The contract to build this terminal was won by a company called Chicago Bridge and Iron, traded on NSYE under ticker 'CBI' it's another way to play the LNG story, but more hassle as its a US Stock.

Another way is to buy into Star Energy (STAR) which is converting run down oil fields into LNG storage sites. See their thread and their website for more info. I own shares in Star.

And the third and best way is to buy HMY on any weakness!!

Well said paul. This is a great share to have long term.

MS

Gone a bit quite here.

chers GF.

Just found this Broker upgrade on another board......................

Significant however is housebroker Collins Stewart new forecasts which were published on January 11th.The broker is looking for earnings per share to increase from 14p at 31/12/04 to 16.9p at 31/12/05 a prospective growth increase of 20.7%.

cheers GF.

Looks like this one could tick up any minute now.

cheers GF.

Certainly a good buying day for HMY.

cheers GF.

Just published by Goldman Sachs..."On the back of our Global Energy Research team's increased oil price forecasts, we reiterate our bullish view on the tanker segment and UPGRADE our demand forecast for LNG carriers...We are raising our global LNG carrier (LNGC) forecast to 116 large LNGC's from 98 previously on the back of an increase in global liquefaction capacity"

We already know that a lot more LNG carriers will have to be built, due to Qatars recent activity, but it is good to see the Big analysts thinking the same thing, should hopefully bring a bit more attention to HMY in the coming weeks, especially with good news hopefully around the corner! IMHO

Excelent research Paul.

cheers GF.

We need some positive news flow in the coming weeks for this ship to act like a speed boat.

When can we expect news of any new contracts won or lost??

Am I missing something?

For HMY, -3% is a significant change.

What on earth is going on here.

MS

Whole market is down...all my stocks in red today...HMY just following, and on light volume. I view this as a great oppurtunity to pick up some more on the cheap! IMHO

This is similar to what happened back in mid january, when we fell from 2.02 to 1.82 in one day but quickly bounced up again. I see no reason for this drop?